Financial Institutions Duty (Amendment) Regulations 1997

i Financial Institutions Duty (Amendment) Regulations 1997 S.R. No. 63/1997 TABLE OF PROVISIONS Regulation Page 1. Objective 1 2. Authorising provisions 2 3. Commencement 2 4. Principal Regulations 2 5. Revocation of spent regulations 2 6. New regulation 7A substituted 2 7A. Person or class of persons to which the Act does not apply 2 7. Receipts to which the Act does not apply 2 8. Revocations consequent on Taxation Administration Act 3 9. New Schedule 1 substituted 3 SCHEDULE 1 3 ═══════════════ NOTES 5 -- 1 of 6 -- 1 STATUTORY RULES 1997 S.R. No. 63/1997 Financial Institutions Duty Act 1982 Financial Institutions Duty (Amendment) Regulations 1997 The Governor in Council makes the following Regulations: Dated: 1 July 1997 Responsible Minister: ALAN R. STOCKDALE Treasurer SHARNE BRYAN Clerk of the Executive Council 1. Objective The objective of these Regulations is to amend the Financial Institutions Duty Regulations 1992 to— (a) provide for exemptions from financial institutions duty for certain in house finance companies; (b) exempt certain receipts deposited in a registered financial institution in Victoria to the credit of an account kept outside Victoria from financial institutions duty; (c) revoke spent regulations and regulations covering matters now covered by the Taxation Administration Act 1997. -- 2 of 6 -- S.R. No. 63/1997 Financial Institutions Duty (Amendment) Regulations 1997 2 2. Authorising provisions These Regulations are made under sections 3(1), 18(3)(o) and 86 of the Financial Institutions Duty Act 1992. 3. Commencement These Regulations come into operation on 1 July 1997. 4. Principal Regulations In these Regulations the Financial Institutions Duty Regulations 19921 are called the Principal Regulations. 5. Revocation of spent regulations Regulations 5 and 7 of the Principal Regulations are revoked. 6. New regulation 7A substituted For regulation 7A of the Principal Regulations substitute— "7A. Person or class of persons to which the Act does not apply For the purposes of paragraph (t) of the definition of "financial institution" in section 3(1) of the Act, each person and class of persons specified in Schedule 1 is a person to whom, or class of persons to which, the Act does not apply.". 7. Receipts to which the Act does not apply In regulation 8(1) of the Principal Regulations— (a) in paragraph (ka)(i) omit "or" where secondly occurring; (b) in paragraph (ka) sub-paragraph (ii) is revoked; r. 2 -- 3 of 6 -- S.R. No. 63/1997 Financial Institutions Duty (Amendment) Regulations 1997 3 (c) after paragraph (ka) insert— "(kb) A receipt of an amount of money by a registered financial institution where— (i) the amount of money is credited to an account kept outside Victoria by that financial institution; and (ii) the amount of money is transmitted from another financial institution; and (iii) the transmitting financial institution, in accordance with the authority or order of a person (not being an authority or order in a bill of exchange), has debited the account of that person and transmitted the amount of money;". 8. Revocations consequent on Taxation Administration Act In the Principal Regulations, regulations 16, 18, 20, 22, 24, 25 and 27 and Forms 7, 7A, 9, 10, 12, 14, 15, 17 and 18 in Schedule 2 are revoked. 9. New Schedule 1 substituted For Schedule 1 to the Principal Regulations substitute— "SCHEDULE 1 Regulation 7A PERSONS AND CLASSES OF PERSONS TO WHICH THE ACT DOES NOT APPLY 1. Persons to whom the Act does not apply r. 8 -- 4 of 6 -- S.R. No. 63/1997 Financial Institutions Duty (Amendment) Regulations 1997 4 Becton Finance Pty. Ltd. A.C.N. 006 075 322 Comalco Finance (Australia) Limited (inc. in Cayman Islands) Comalco Finance Limited A.C.N. 006 484 457 Comalco Finance (New Zealand) Limited (inc. in Cayman Islands) Comalco (Tasman) Limited (inc. in Cayman Islands) CRA (Commercial Paper) Limited A.C.N. 008 586 230 CRA Finance International Pty. Ltd A.C.N. 009 960 347 CRA Finance Limited A.C.N. 008 559 046 CRA Finance (USA) Limited A.C.N. 062 129 551 EFG Australia Limited A.C.N. 006 357 035 EFG Finance Leasing Limited A.C.N. 007 520 630 EFG Finance Limited A.C.N. 007 533 888 EFG Investments Limited A.C.N. 006 169 955 EFG Treasury Pty. Ltd. A.C.N. 050 431 699 ELFIC Limited A.C.N. 007 606 206 FBG Treasury (Aust.) Limited A.C.N. 006 865 738 Gandel Bridge Finance Pty. Ltd. A.C.N. 055 367 890 Hudson Conway Finance Pty. Ltd. A.C.N. 006 973 619 Lensworth Group Limited A.C.N. 004 061 465 Lensworth Services Pty. Ltd. A.C.N. 075 057 813 North Finance Limited A.C.N. 008 581 217 PMP Finance Pty. Ltd. A.C.N. 053 814 976 2. Classes of persons to which the Act does not apply Dealers who are brokers who lodge or are required to lodge quarterly returns with the Australian Stock Exchange Limited in a corresponding State or Territory.". ═══════════════ r. 9 -- 5 of 6 -- S.R. No. 63/1997 Financial Institutions Duty (Amendment) Regulations 1997 5 NOTES 1 S.R. No. 342/1992. Reprinted to S.R. No. 128/1994 and subsequently amended by S.R. Nos 112/1995, 4/1996, 28/1996, 61/1996, 84/1996 and 105/1996. Notes -- 6 of 6 --